FLOKI Price Analysis: Bulls Attempt to Ease Bearish Pressure
- AI tokens and meme coins regain momentum, with FET, AGIX, FLOKI, and PEPE leading the rally, potentially influencing the overall market sentiment.
- FLOKI price attempts to recover from a recent correction, with bulls aiming to ease bearish pressure.
- Technical indicators suggest a potential bullish crossover for FLOKI, but the buying volume remains a concern.
As the cryptocurrency market dynamics experience a slight shift, AI tokens and meme coins have regained their lost momentum, while major tokens within the top 10 maintain a sluggish trend. Among the top performers, FET and AGIX prices are leading the charge, while FLOKI and PEPE have just begun to exhibit a strong upswing.
If these tokens manage to sustain a healthy upward trajectory and close the days trade on a bullish note, they may have the potential to circulate bullish waves across the markets, influencing the overall sentiment.
FLOKI Price Analysis: Bulls Attempt to Ease Bearish Pressure
The FLOKI price had previously held the ascending trend line as a strong support level since the token broke out of its consolidation phase in March. However, the recent correction forced the price to slice through this support and hit the bottom, causing concern among investors.
In a positive turn of events, the bulls have entered the ring and are attempting to ease the excessive bearish pressure on the token. Nevertheless, for FLOKI to trigger a substantial recovery, it is required to record another 20% rise in the next 24 hours, which may prove to be a crucial milestone.
The FLOKI price has plunged below the ascending trend line, and after testing the lower support at $0.0001612, the trend has reversed, indicating a potential shift in market sentiment.
The Moving Average Convergence Divergence (MACD) indicator displays a drop in selling pressure, which may further encourage a bullish crossover, signaling a possible trend reversal.
Moreover, the Directional Movement Index (DMI) is heading towards flashing a buy signal, while the Average Directional Index (ADX) remains along the upper range, suggesting a strong trend.
However, the buying volume is currently below the required levels, which may be a cause for concern and could potentially hinder the bullish momentum.
The next 24 hours of trading are extremely crucial for the FLOKI price rally, as a drop in buying pressure may invalidate the bullish trajectory, leading to undesirable consequences. In such a scenario, the price could either remain consolidated within a range or, worse, be pushed back towards the crucial support level at $0.00001.
Read more: https://thenewscrypto.com/floki-price-analysis-bulls-attempt-to-ease-bearish-pressure/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
